28 April 2023
Purmo Group Plc | Stock Exchange Release | 28 April, 2023 at 08:50 PM EEST
On 1 April 2022 Purmo Group announced its intention to exit its business in Russia. Purmo Group has today signed an agreement to divest all of its Russian operations to IPLS, including all related assets and liabilities, which enables a sustainable solution for employees and customers. Subsequent to closing of the transaction Purmo Group will not have any redemption liabilities in relation to the Russian business. The parties have agreed not to disclose the transaction value.
Purmo Group’s Russian business comprises steel panel radiator manufacturing as well as sales and operates with a local brand. In the first quarter of 2023, the business in Russia reported net sales of EUR 3.8 million and an adjusted EBITDA of EUR -0.4 million. The company had 210 employees in Russia at the end of 2022. The divestment will not have a material financial impact on Purmo Group and does not affect the financial guidance for 2023 included in the company’s interim report published on 26 April 2023.
Completion of the transaction is subject to the approval by the relevant regulatory authority in Russia, which is expected to be received within 3 months. Subsequent to the closing of the transaction Purmo Group will not have any activities in Russia.
Matts Rosenberg, Interim Chief Financial Officer, Purmo Group Plc
Tel. +358 50 453 1949
Katariina Kataja, Head of Investor Relations, Purmo Group Plc
Tel. +358 40 527 1427
Nasdaq Helsinki Ltd
About Purmo Group:
Purmo Group is at the centre of the global sustainability journey, offering full solutions and sustainable ways of heating and cooling homes to mitigate global warming. We provide complete heating and cooling solutions to residential and non-residential buildings, including underfloor heating and cooling systems, a broad range of radiators, heat pumps, flow control and hydronic distribution systems, as well as smart products. Our mission is to be the global leader in sustainable indoor climate comfort solutions. Our 3,400 employees operate in 24 countries, manufacturing and distributing top quality products and solutions to our customers in more than 100 countries. Purmo Group’s shares are listed on Nasdaq Helsinki with the ticker symbol PURMO. More information: www.purmogroup.com.